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Testimonial

"A logical, methodical approach to project and project risk evaluation allows public and private institutions to allocate resources optimally. Being responsible for project evaluation in the Public Private Partnerships Unit of the National Treasury of South Africa, the course allowed me to tackle complex project evaluations with confidence. The course is an excellent means of achieving continuing education goals. It covered a wide range of financial, economic and risk appraisal techniques and exposed me to the expertise and experience of the teaching faculty, who combine real-life experience from the world over with very good teaching techniques. The learning environment is the best I have ever experienced, the support offered is superb and Duke is a stunning place to experience."

William Dachs
Head of Public-Private Partnerships Unit, National Treasury, South Africa
Project Appraisal and Risk Management, 2002

Project Appraisal and Risk Management

The Program

The Duke Center for International Development (DCID) offers this cutting-edge program on Project Appraisal and Risk Management (PARM) for professionals in public and private sector organizations. The program takes place at Duke University in Durham, North Carolina, U.S., May 13 – June 8, 2012. The four-week Project Appraisal and Risk Management training program teaches financial, economic, stakeholder, and risk analysis and risk management through real and applied case studies, lectures, group discussions, participant presentations, and computer exercises.

Download a 2012 Project Appraisal and Risk Managment training course brochure

As a participant, you will take part in a short working trip to Washington, D.C., where you will have the opportunity to interact with professionals from international financial institutions. Leading experts in specialized areas are also invited to address participants. Additionally, you will work with other participants to complete a project in your own sector of interest.

The Project Appraisal and Risk Management training workshop takes you through a flexible appraisal framework designed to handle different types of projects from commercial enterprises and utilities to infrastructure investments and social programs, as well as a wide range of issues from environmental impacts to risk management and poverty reduction. Each year, new developments are highlighted. This framework handles public sector investment projects and programs and is particularly well suited to the assessment of projects implemented by the private sector in competitive markets, in regulated sectors, or in partnership with the public sector.

In all these cases, the analysis of project designs from the perspectives of the different stakeholders is crucial to the choice of sustainable and performance-enhancing arrangements. Different forms of domestic and international finance, ownership, and tax issues are highlighted and incorporated in the appraisal framework. The program provides you with the knowledge and tools to help you conduct project and program analysis in your job, and an enhanced understanding of the valuation and management of firms and projects.

Formerly offered as the Program on Investment Appraisal and Management (PIAM) by the Public Finance Group (PFG) at the Harvard Institute for International Development, the program has a long and successful tradition of professional education in project appraisal. In 2001, the PFG and the Project Appraisal and Risk Management program moved to Duke University. The course, now in its eleventh year at Duke, continues as the training on Project Appraisal and Risk Management (PARM).

Dr. Graham Glenday and Dr. Fernando Fernholz co-direct the workshop. Dr. Glenday and Dr. Fernholz each have over 25 years of experience in public finance, tax policy and other fiscal reform matters. Duke University faculty representing different disciplines and perspectives, and senior practitioners in project appraisal and risk management from international organizations, financial institutions, and other prominent development institutions also instruct during this workshop.

Goals

• Analyze the contribution of investment projects to a program or a portfolio of investments
• Incorporate policy and decision variables in assessing and designing program and project proposals
• Prepare or modify business plans and proposals
• Re-engineer projects to mitigate the costs of risk and enhance their returns
• Evaluate investment projects from a range of stakeholder perspectives
• Plan and assess all aspects of investment projects
• Assess investment proposals prepared by other agencies, consultants, or proponents of projects

Professionals benefit most from a program of study that stresses the application of analytical tools as solutions for practical problems. The Project Appraisal and Risk Management training course has been designed with this goal in mind. The program consists of lectures, discussion groups, case studies, and computer based exercises. As a program participant, you will spend the balance of the day examining case studies, using computers to analyze investment projects, and discussing presentations. You will complete a series of short case studies designed to illustrate specific appraisal techniques. In addition, you will work in a small group on a major feasibility study that applies the full range of techniques learned. You are encouraged to bring material on projects of current interest to you and your organization to form the basis of this major case study. You are encouraged to find additional relevant case information and data through the internet and Duke University electronic resources.

Lectures and seminars on special topics are conducted by Duke faculty members and by international experts from the public and private sectors. It is highly recommended that participants have a basic understanding of personal computers, spreadsheets, and word processing. During the program, you will have the use of a laptop computer and access to the internet and the university network resources.

What topics will be covered?

• Stages in development of feasibility studies and project cycles
• Technology, engineering, and human resource components
• Development of cash flow statements
• Perspectives on project financial sustainability
• Impact of scale, timing, and length of life on project viability
• Impacts of inflation and exchange rates on financial viability and risks
• Cost-effectiveness measures of social programs
• Capital markets and financing projects
• Internet and other information resources
• Economic valuation of goods and services
• Economic cost of human resources, capital, and foreign exchange
• Economic valuation of environmental and social impacts
• Measuring the impact of projects on stakeholders and poverty reduction
• Basic needs valuation for social programs
• Integration of financial, economic, and social appraisals
• Appraisal as part of the budget cycle
• Analysis of policy-related risks
• Market and government failures and the implications for projects
• Privatization, contracting, and regulation issues
• Public-private partnerships (PPPs)
• Appraising major investment projects in various policy environments
• Foreign direct investment, joint ventures, and taxation
• Poverty alleviation and poverty reduction potential of projects and programs

• Foundations of uncertainty and risk
• Real options analysis
• Project design, financial and organizational arrangements
• Risk assessment, costing and management techniques
• The roles of incentives, sanctions, and risk sharing
• Contracting arrangements, public-private partnerships and pricing agreements in risk sharing

Local housing accommodations and a daily shuttle to and from campus are included in the program. Group extracurricular activities are organized to offer you the opportunity to socialize with your classmates and enjoy area attractions. Taxis, buses, and other transportation options are available for hire to provide individual access to local destinations.

The Project Appraisal and Risk Management workshop is for people who design, appraise, select, negotiate, or finance projects, and for those who are interested in the financial, economic, and social impacts of these projects. Past participants have included employees of government ministries and public enterprises, banks (private and public) and financial institutions, investment analysis agencies, international development agencies, individual and corporate investment firms, private management, engineering, and business consulting firms, public-private partnerships, regulatory institutions, and international aid agencies.

The Project Appraisal and Risk Management program is open to individuals working professionally in finance, economics, accounting, taxation, management, engineering, or other related fields. A candidate’s professional experience is taken into consideration. A first degree (bachelor’s or other undergraduate equivalent) is preferred. The program is conducted in English. Interested candidates should complete the online application form. We strongly recommend that application be made as early as possible to allow sufficient time to obtain a visa for the United States.

Applications will be reviewed as they are received and qualified applicants will be admitted on a rolling basis until all available positions are filled. You should contact the DCID office if you do not receive confirmation of receipt of your application within 5 working days. Applications received after April 13, 2012 may be placed on a waiting list and admitted on a space-available basis.

Tuition for the program is $11,000, which includes housing, emergency medical insurance, course materials, use of a laptop computer for the duration of the program, and access to the Duke University Libraries and computer facilities. Tuition does not cover airfare to and from Raleigh-Durham International Airport (RDU), meals, or incidental expenses, which vary for each participant. Expenses for meals and incidentals are estimated at $50 per day. Additional expenses that may be incurred can include: taxis, other local transportation costs, and excess baggage and/or shipping charges.

Participants are typically sponsored by their employer or a funding organization. Candidates should approach their current employer or other funding organizations as soon as possible in order to arrange financial support. Examples of agencies that offer financial assistance for training include the United Nations Development Program (UNDP), the United States Agency for International Development (USAID), the World Bank, regional development banks, bilateral donors such as the Canadian International Development Agency (CIDA), and development-oriented foundations. In most cases, participants’ employers should apply to the branch or mission of the funding agency in their country (not in the U.S.) for training funds.

For the 2012 program on Project Appraisal and Risk Management, scholarships and financial aid are not available from Duke University or DCID. Discounts are available for organizations sponsoring three or more participants in the program. Please contact DCID for more information regarding group discounts.

For more information about Project Appraisal and Risk Management, please contact us.